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Nov 21, 2012
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>> i thought i had to deal with the fiscal cliff, but undressing. >> you will. it's got like a stripy thing going on. >>> let's get an outlook on the markets. right now we have daniel from tjm institute. we've been watching what happens with the futures every day. a lot of concerns about the fiscal cliff, is that the biggest issue driving things right now? >> the fiscal cliff is the driving issue right now. a little fear from europe. the market came off. that is in the background. as long as we're seeing things move forward, but not negative on the fiscal cliff, i think you'll see the market bounce against this 87 and 90 level. any hint of a compromise, yo ur goi you're going to break the 1,400 level. >> okay. 20 to 22 area. every time these talks come in, though, we know it's going to be a lot of turbulence between now and let's say the middle of december or some time, that'd be the earliest. are you following every single trade? are you thinking eventually there'll be a deal that gets done? >> i think eventually there will be a deal that gets done. and i kind
>> i thought i had to deal with the fiscal cliff, but undressing. >> you will. it's got like a stripy thing going on. >>> let's get an outlook on the markets. right now we have daniel from tjm institute. we've been watching what happens with the futures every day. a lot of concerns about the fiscal cliff, is that the biggest issue driving things right now? >> the fiscal cliff is the driving issue right now. a little fear from europe. the market came off. that is in...
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Dec 6, 2012
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>>> still to come we'll dig into the fiscal cliff with caterpillar's ceo. first as we head to break a drawing at sotheby's in london sold for nearly $48 million, nearly double the expected price, it was sold to an unsided buyer. we are gathered here today to celebrate the union of tim and laura. it's amazing how appreciative people are when you tell them they could save a lot of money on their car insurance by switching to geico...they may even make you their best man. may i have the rings please? ah, helzberg diamonds. nice choice, mate. ...and now in the presence of these guests we join this loving couple. oh dear... geico. 15 minutes could save you 15% or more on car insurance. >>> welcome back, everybody. we've been watching the futures, they are mixed, dow slightly higher but you can also see futures are lower for the s&p and the nasdaq. in our headlines apple and samsung are back in court in a high profile patent case. samsung is seeking to overturn an august verdict that found it guilty of infringing patents and ordered it to pay apple $1 billion. ap
>>> still to come we'll dig into the fiscal cliff with caterpillar's ceo. first as we head to break a drawing at sotheby's in london sold for nearly $48 million, nearly double the expected price, it was sold to an unsided buyer. we are gathered here today to celebrate the union of tim and laura. it's amazing how appreciative people are when you tell them they could save a lot of money on their car insurance by switching to geico...they may even make you their best man. may i have the...
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Jun 4, 2012
06/12
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and peter fisher will join us to talk about jobs, the european debt crisis and looming fiscal cliff. stick around. >> if you're just tuning in, you're two hours too late. >> all of the uncertainty has pushed companies i think into a much more conservative mode. >> it's across the globe and i think it's a clear wake-up call that compared to two months ago i think investors do realize the urgency and need for actions. >> the ecb should insure all the deposits of the major banks in the eurozone. just like bernanke did after the lehman crisis in the u.s. >> i'm convinced that europe is actually in a recession today, if you add every country. and i think there is a very meaningful and more substantial slowdown in china than the official statistics would suggest. >> there is blowout consensus one of the reasons for the weakness in the economy is the huge level of inequality that emerged in the years before the crisis. xx >>> stocks sliding after friday's dismal jobs report. >> the flight to safety. the yield on the ten-year treasury dropping below 1.5%. >> the ten-year down, the dow is dow
and peter fisher will join us to talk about jobs, the european debt crisis and looming fiscal cliff. stick around. >> if you're just tuning in, you're two hours too late. >> all of the uncertainty has pushed companies i think into a much more conservative mode. >> it's across the globe and i think it's a clear wake-up call that compared to two months ago i think investors do realize the urgency and need for actions. >> the ecb should insure all the deposits of the major...
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Dec 17, 2012
12/12
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i don't care what happens with fiscal cliff. obviously, i do, but i care how the market is going to react and i'm looking for a full v recovery, back up to 1470. and then if i add that 130 points that we dipped for those highs, i'm looking for the s&p to get to 1300. i think it's very attainable. that would be a full v recovery over the last 12 years from the last time we were at 1500 s&p. >> allen, you're putting smiles on people's faces. let's hope you're right. thanks for joining thus morning. >> thank you very much. >> if you have comments or questions on anything you see here, e-mail us. next, the tragedy at newtown creates a new dialogue about gun control. we'll have former vermont governor howard dean and policy analyst david coppel. and then at 8:00 a.m. eastern, our exclusive interview with david tepper. we'll find out what he's doing after the fed's latest policy changes and what it means. "squawk box" coming right back. if you are one of the millions of men who have used androgel 1%, there's big news. presenting andro
i don't care what happens with fiscal cliff. obviously, i do, but i care how the market is going to react and i'm looking for a full v recovery, back up to 1470. and then if i add that 130 points that we dipped for those highs, i'm looking for the s&p to get to 1300. i think it's very attainable. that would be a full v recovery over the last 12 years from the last time we were at 1500 s&p. >> allen, you're putting smiles on people's faces. let's hope you're right. thanks for...
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Nov 30, 2012
11/12
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. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to around 2, 3 feet, but that is high elevation. but for the eastern seaboard, pretty quiet p. temperatures very mild this time of year. when you get into the center of the u.s., still fairly mild conditions. a bit cooler as you might imagine in spots up like towards the twin cities and even over towards chicago. but then out west, that's where the trouble really brews. it's that time of year that there's norm lay big area of high pressure that sets up off the west coast. that's gone and that allows all the pacific moisture to come through. high snow will be an issue. rain in seattle. so how is i
. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some...
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Dec 4, 2012
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the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will get a big piece of the dividends. the king of all dividends is sheldon adelson who gets $1.2 billion from sands corp dividend and his tax savings alone could be $340 million. all shareholders benefit from dividends and many of the owners and ceos have recused themselves from the dividend votes, but these companies tend to have higher insider ownership. the average insider ownership of these dividenders is around 27%. it all shows that just the threat of higher taxes is causing companies and people to take next year's income today when they can. >> yeah. it's interesting. we were talking about th
the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will...
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Dec 12, 2012
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. >>> coming up, the fiscal cliff, the dividend tax rate, a power company ceo will tell us about his biggest concern if a deal doesn't get done by the end of the year. >>> also, what the ceo of walmart thinks about that, as well. he had really explosive data. mike duke last night. we'll bring it to you. "squawk box" is coming back. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prosta
. >>> coming up, the fiscal cliff, the dividend tax rate, a power company ceo will tell us about his biggest concern if a deal doesn't get done by the end of the year. >>> also, what the ceo of walmart thinks about that, as well. he had really explosive data. mike duke last night. we'll bring it to you. "squawk box" is coming back. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone...
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Oct 26, 2012
10/12
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cliff. >> you do not like the 20% cut in rates or a figure we can't do it, it doesn't add up but simpson/bowles is a 28% rate, and mine nus 35 is 28. you must be against simpson/bowles, then? >> i think the broad principles of simpson/bowles are exactly right. i believe as the president believes that the national security cuts in simpson-bowles are untenable. they're as bad as a sequester, they would do real damage to our national -- >> how about that? >> plugging the base is exactly the right thing to do and we should lower the rates as much as we can consistent with getting to that kind of balanced budget. i'd be prepared -- i'm not an elected -- i'm not an elected official. i'd be prepared to go as far as anybody wants to go on broadening the tax base, but when you start talking about taking away the charitable deductions -- >> we've got to figure out what to do -- >> got to figure out what we're going to do on the base, how much we can broaden the base and then we can see what we're able to do on rates. let's just start with that 20% cut especially when you're loading on $2 trillion
cliff. >> you do not like the 20% cut in rates or a figure we can't do it, it doesn't add up but simpson/bowles is a 28% rate, and mine nus 35 is 28. you must be against simpson/bowles, then? >> i think the broad principles of simpson/bowles are exactly right. i believe as the president believes that the national security cuts in simpson-bowles are untenable. they're as bad as a sequester, they would do real damage to our national -- >> how about that? >> plugging the...
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Nov 8, 2012
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i mean, there's the fiscal cliff, there's the rating agencies downgrading us, there's the debt ceiling, there's the markets losing patience with all of this. there's a series of catalysts. >> i wrote a column on tuesday that said no matter who wins we were going to have a wave of uncertainty, no matter what, because all of a sudden we'd start think being the issues, but by the way i didn't think what i was saying was that revolutionary so it was shocking to me on wednesday all of a sudden this happens. >> that's the opposite of what people were saying. people were saying once you get past the election you remove the uncertainty. >> i thought that was false. >> i absolutely agree. >> there's four ways governments in a short term can influence the markets and economy, one is fiscal monetary regulatory and trade. in terms of the fiscal side unless president obama says paul krugman is the new secretary of the treasury -- >> he isn't running. >> right. >> jack liu, it's already done. >> you're not going to ease more fiscally. the efficacy of mormon tear stimulus is very much in question in
i mean, there's the fiscal cliff, there's the rating agencies downgrading us, there's the debt ceiling, there's the markets losing patience with all of this. there's a series of catalysts. >> i wrote a column on tuesday that said no matter who wins we were going to have a wave of uncertainty, no matter what, because all of a sudden we'd start think being the issues, but by the way i didn't think what i was saying was that revolutionary so it was shocking to me on wednesday all of a sudden...
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Dec 28, 2012
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is that why we wanted to go over the fiscal cliff? >> no, no. that is a totally unfair characterization of what's been going on. the point here is that the president's position has been you have to have a compromise. you have to have a compromise on taxes, democrats have been willing to go to i think 500 billion in terms of the threshold. they've also been willing to make major cuts in spending. they talked about chain cpi on entitlements. about half a trillion total in entitlement cuts. there's been compromise on the democrats' part. the point that i'm making here is that there will not be a deal until the speaker recognizes you have to have a bipartisan package that both republicans and democrats can support, and that it will have to reflect compromise. the position of the house republicans to this point has been to dig their heels in, and absolutely no compromise. that was the position of the -- that they -- >> take it. take 39.6. i'm ready. take it. then can we just do it and then do something, judd? please. i'm so tired of this. >> well, ye
is that why we wanted to go over the fiscal cliff? >> no, no. that is a totally unfair characterization of what's been going on. the point here is that the president's position has been you have to have a compromise. you have to have a compromise on taxes, democrats have been willing to go to i think 500 billion in terms of the threshold. they've also been willing to make major cuts in spending. they talked about chain cpi on entitlements. about half a trillion total in entitlement cuts....
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Jun 8, 2012
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the fiscal cliff is a self-created problem. you have hundreds of revisions in the tax codes coming up each year. it used to be around ten. of course you have the opportunity for a genuine reform. we haven't had it for a long time. there's certainly a place where there's good agreement on across on both sides of the aisle. >> john, former treasury undersecretary john taylor. >> if you have questions or comments, sweet at@squawkcnbc. coming up, the we'll head down to the new york stock exchange. that's coming up next. . >>> ready or not, the stock of the day is coming up. you're watching "squawk box" on cnbc, first in business worldwide. [ male announcer ] we began with the rx. ♪ then we turned the page, creating the rx hybrid. ♪ now we've turned the page again with the all-new rx f sport. ♪ this is the next chapter for the rx. this is the next chapter for lexus. this is the pursuit of perfection. >>> welcome >>> welcome back to "squawk box", everyone. the dow futures down by about 30 points right now. jim cramer is standin
the fiscal cliff is a self-created problem. you have hundreds of revisions in the tax codes coming up each year. it used to be around ten. of course you have the opportunity for a genuine reform. we haven't had it for a long time. there's certainly a place where there's good agreement on across on both sides of the aisle. >> john, former treasury undersecretary john taylor. >> if you have questions or comments, sweet at@squawkcnbc. coming up, the we'll head down to the new york...
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Nov 26, 2012
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cliff resolution and absolutely comprehensive tax reform sometime in 2013, lowering the corporate rate, broadening the base. >> how do you force tax reform when the fiscal cliff was supposed to be the gun at everybody's head? if we say never mind, how do you actually force it in the new year? >> i think that first of all in terms of the fiscal cliff, it's got to be a framework deal. you're not going to get legislation in a lame duck. so calculate what the tax revenue number needs to be. take the president's and you get a deal. if there's a tram work $4 trillion deal over ten year, legislation can be codified and enacted after the fact that solidifies that, then you've bridged comprehensive tax reform. i think the keys are revenue neutrality, broadening the base, eliminating the loopholes, the devil's in the details. but i think there's also recognition that corporate comprehensive tax reform needs to occur. both sides of the aisle wanted to wait until the election is over. it's over. we have to tackle is. >> but now we're waiting again until we get closer to the next election. >> no, w
cliff resolution and absolutely comprehensive tax reform sometime in 2013, lowering the corporate rate, broadening the base. >> how do you force tax reform when the fiscal cliff was supposed to be the gun at everybody's head? if we say never mind, how do you actually force it in the new year? >> i think that first of all in terms of the fiscal cliff, it's got to be a framework deal. you're not going to get legislation in a lame duck. so calculate what the tax revenue number needs to...
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May 11, 2012
05/12
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cliff is coming. that's right. we'll we have an interview you're ready for, right? >> our next guest, one of the nation's only publicly traded hedge fund company, mook is principal at fortress. they have $46 billion under management. given the news of the morning around jpmorgan, i wanted o get your thoughts real quick. >> listen, it not good. i think jamie dimon was pretty straight forward that we screwed up. my bigger concern is you're restating in essence your earnings because you had a var problem or a problem calculating your var. so it completely plays into the volcker rule, more regulation, less proprietary trading camp. as that battle get pushed back and forth and jamie has been on the offensive saying banks need less regulation and it might be weight on the market. >> you're in the hj fund world. do you know who was on the other sides of all of these trades? cds positions coming in the morgue and group, that takes a tremendous amount of proprietary risk. is it a hedging business or proprietar
cliff is coming. that's right. we'll we have an interview you're ready for, right? >> our next guest, one of the nation's only publicly traded hedge fund company, mook is principal at fortress. they have $46 billion under management. given the news of the morning around jpmorgan, i wanted o get your thoughts real quick. >> listen, it not good. i think jamie dimon was pretty straight forward that we screwed up. my bigger concern is you're restating in essence your earnings because...
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Nov 29, 2012
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one of the things in the fiscal cliff is going back to the clinton era tax rates for everybody. now, i know there's sequestration and payroll tax. there's a lot of other things in there, but we did okay with those tax rates. why did we just assume there'd be a recession. >> let me mention a couple of things from the 1990s that are very different from today. first, there was a lot. there was an implicit deal that when clinton raised tax rates, the federal reserve would accommodate that with lower interest rates. you're not going to get that today. we're already basically at zero. there's very little for the feds to do. secondly if you go back to the 1990s, you may recall we had this thing called the internet bubble. that's a big driver. >> no, no. that's a republican's favorite answer. it wasn't clinton. it with us the bubble. >> we -- well, we did have a bubble. i mean that was a big thing. it drove in a lot of revenue. and if you recall clinton's last year in office, the bubble was starting to collapse. >> we had a pretty good housing market, too, i think. >> absolutely. >> and
one of the things in the fiscal cliff is going back to the clinton era tax rates for everybody. now, i know there's sequestration and payroll tax. there's a lot of other things in there, but we did okay with those tax rates. why did we just assume there'd be a recession. >> let me mention a couple of things from the 1990s that are very different from today. first, there was a lot. there was an implicit deal that when clinton raised tax rates, the federal reserve would accommodate that...
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Dec 20, 2012
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that is designed to keep rates from rising if no fiscal cliff deal is reached. the president has already said that he would veto that bill. >>> obviously these talks on how to avert the fiscal cliff have at least seemed like they are stalling at this point. joining us right now to talk more about it is john podesta, former white house chief of staff and chairman of the center for american progress. our guest host today is harry wilson, he is maeva group chairman and sea. john, welcome to the program. thank you for joining us. >> good morning, becky. happy holidays. >> happy holidays to you. are we correct in our assumptions that things look to be stalling out a little bit, at least from all the rhetoric we've heard on both sides? >> yes, really actually quite incredible. because i think we all woke up monday and looked like there was progress being made over the weekend. continued progress being made on monday. they looked like they were coming together and all of a sudden, you know, they did a u-turn and decided to have these votes today which i think makes the
that is designed to keep rates from rising if no fiscal cliff deal is reached. the president has already said that he would veto that bill. >>> obviously these talks on how to avert the fiscal cliff have at least seemed like they are stalling at this point. joining us right now to talk more about it is john podesta, former white house chief of staff and chairman of the center for american progress. our guest host today is harry wilson, he is maeva group chairman and sea. john, welcome...
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Dec 18, 2012
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fiscal cliff negotiations, our top story. now president obama is proposing leaving lower tax rates in place for everyone except those earning $400,000 and above. that's above the $250,000 threshold that the president has been demanding for months, but it is still far from speaker john boehner's request of $1 million. a source familiar with the talk says this is by no means the final offer for the white house. the move by the president was welcomed, albeit with some reservations. we will talk about the latest developments in just a few minutes. in the meantime, the global markets seem to be taking note of the optimism. you can see right now that those dow futures are up by 54 points. this comes after a decent rally for the markets yesterday. s&p futures at this point are up by better than seven points and the nasdaq futures up, as well, by about 17. european shares rising. germany is up, the ftse is up, the france, the cac in france has turned slightly down. but, again, this is a marginal loss of about three points. most of th
fiscal cliff negotiations, our top story. now president obama is proposing leaving lower tax rates in place for everyone except those earning $400,000 and above. that's above the $250,000 threshold that the president has been demanding for months, but it is still far from speaker john boehner's request of $1 million. a source familiar with the talk says this is by no means the final offer for the white house. the move by the president was welcomed, albeit with some reservations. we will talk...
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Dec 27, 2012
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not in the health and maturity -- >> not the fiscal cliff? >> no, i'm just talking about interest rates. >> anything happening if we go through? you know it's coming up, monday is new year's eve. >> it will hurt the economy which will hurt banks. but banks have rallied, i think, mostly because of the fed. they have cash flow, they were underperforming assets. allocations were very low on financials. so we've come back. that's the first point. but i really don't see huge volume growth in the industry. if we have mid single digit revenue growth next year for all banks, that would be good. i think credit costs will keep coming down. that's what's been driving the increase in operating margins in the industry. just falling -- go when does that reverse itself? >> well, i don't think it does. we're at about 1.1% charge off the total loans. it was twice that a year ago. we have peaked up in the fours. so we're in much better shape. but remember the industry is only making 1% return on assets. most banks are 70% to 80% loan. so if you're still chargi
not in the health and maturity -- >> not the fiscal cliff? >> no, i'm just talking about interest rates. >> anything happening if we go through? you know it's coming up, monday is new year's eve. >> it will hurt the economy which will hurt banks. but banks have rallied, i think, mostly because of the fed. they have cash flow, they were underperforming assets. allocations were very low on financials. so we've come back. that's the first point. but i really don't see huge...
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Nov 13, 2012
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is this whole issue just the fiscal cliff has become such a big issue that it's diverting everybody's attention and we're ignoring what's happening else where in the economy and ignoring what's happening else where in the world and it's not surprising that people are taking risk off the table because they are seeing the whole picture and all i'm saying to you is in rising above we've got to find a way to move forward. >> you need a button. do you think you can get bill gross to wear one? >> please send it over. we're all for rising above. >> even give one to the her mitmit mit, what's his name, paul? find him, he's up on a mountain somewhere. lotus position somewhere. >> he shaved. >> i went with him for a walk saturday, he's loving life. >> did he ask you what was the sound of one hand clapping. >> we were talking about how the bengals are doing as well. >> against the giants are you a bengals fan, you are? >> it was very impressive what you guys did to the giants. >> he's a jets guy. tebow, yes or no -- >> rise above, rise above, remember. >> should woody johnson rise above and star
is this whole issue just the fiscal cliff has become such a big issue that it's diverting everybody's attention and we're ignoring what's happening else where in the economy and ignoring what's happening else where in the world and it's not surprising that people are taking risk off the table because they are seeing the whole picture and all i'm saying to you is in rising above we've got to find a way to move forward. >> you need a button. do you think you can get bill gross to wear one?...
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Nov 20, 2012
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. >> we'll come back and get your ideas on what we do to fix this fiscal cliff. i change every day on what i think we need to do. i don't know. let's say we got rid of the sequester completely and didn't worry about spending, went back to the clinton tax rates for everybody. is that the end of the world? >> i wouldn't think so. >> three-quarters of the deficit goes away. >> i think we'd probably have to deal with some of the investment income rates perhaps. >> you're talking from the republican side. >> no, i think we find ourselves at a different moment. i don't think it would be the end of the world but i think we can probably find a more sustainable way to do it, to not push. >> where were the investment rates, capital rates and dividends under clinton, 25? brings it up 20% higher? >> we're in the no huddle offense for congress and we don't have a good track record. congress has not performed well with this president in the no huddle offense. we have two minutes and got to score a touchdown. >> the reason they put in these things were to make sure they finally
. >> we'll come back and get your ideas on what we do to fix this fiscal cliff. i change every day on what i think we need to do. i don't know. let's say we got rid of the sequester completely and didn't worry about spending, went back to the clinton tax rates for everybody. is that the end of the world? >> i wouldn't think so. >> three-quarters of the deficit goes away. >> i think we'd probably have to deal with some of the investment income rates perhaps. >>...
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Nov 6, 2012
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i don't care what we do with the fiscal cliff. we've got to be realistic. we've got these enormous obligations that are mounting at the state and county level with pensions, we're only exacerbating the problem with 1% and 2% interest rates. when you got an assumed rate of return of 7.5 or 8, you're going 75% in the hole every year on your difference. >> is that the federal reserve's fault for keeping rates low for so long? >> it's unnatural. it shouldn't be -- look, i understand why we're doing it, but the stimulus did not work. say what you will, whatever you want. it did not work. that was, by the way there was a wonderful sign, it showed all of the things that happen in the private sector. look at the amount of money that was poured into these startup companies by the government, bankrupt, bankrupt, bankrupt, bankrupt, bankrupt. >> if obama does win, what happens? meaning this politically divided partisan rancor, does it continue? do people stop? i can see if romney wins how potentially it could stop and it will be a good thing, maybe it happens, i don't
i don't care what we do with the fiscal cliff. we've got to be realistic. we've got these enormous obligations that are mounting at the state and county level with pensions, we're only exacerbating the problem with 1% and 2% interest rates. when you got an assumed rate of return of 7.5 or 8, you're going 75% in the hole every year on your difference. >> is that the federal reserve's fault for keeping rates low for so long? >> it's unnatural. it shouldn't be -- look, i understand why...
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Nov 13, 2012
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not just this one time to the fiscal cliff. perhaps to our long-term growth rate. i like that idea a lot. >> we've got a lot of tweets in as well, chris, for a flat tax. probably about the same amount for a vat, right? a federal sales tax. what do you make of those ideas? >> well, i'm a big fan of a flat tax. everyone would win with a flat tax. taxpayers that have a much simpler time at tax time. it would make the economy grow, which would benefit everyone. a vat, however, is a terrible idea. frankly, it won't go anywhere because a vat would tax consumption but state governments already have retail sales taxes. there's no way the states would ever let the federal government impose a brand new tax on their tax base. >> let's dig into the idea. i do support a vat a little bit, if it's very small. by the end of our lives, it will be a 100% tax, probably. you capture a lot of the economy under the ground, the cash economies. drug dealers aren't going to pay taxes, but they're going to buy stuff. >> that's not true. actually, in europe vat evasion is a huge problem. kbr
not just this one time to the fiscal cliff. perhaps to our long-term growth rate. i like that idea a lot. >> we've got a lot of tweets in as well, chris, for a flat tax. probably about the same amount for a vat, right? a federal sales tax. what do you make of those ideas? >> well, i'm a big fan of a flat tax. everyone would win with a flat tax. taxpayers that have a much simpler time at tax time. it would make the economy grow, which would benefit everyone. a vat, however, is a...
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Nov 9, 2012
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if you go over the fiscal cliff, it's the best thing for the economy. they think if you take your medicine and you take the punishment thousand. >> people on the left feel the same way because they'll at least get the high end back to 39.6. they want to reset everything to pre-bush tax cut and then try to leave it high. breaks to the lower people. so both sides are still this far apart. >> what i don't understand is not coming back to the table. i hope we hear something from the president later today. i've seen some of the early stuff from plouffe and things. what i'd like to hear is something more akin to what we heard, lock everybody in a room and don't head them out. >> plouffe and axelrod are smart. there are 100 guys in the house that you could say are obstructionist, but nobody will remember any of their name if we go in to recession. but you're going to remember president obama if we go into another recession. so it doesn't help him to do that and to -- but his base is still saying no. >> i'm going to complicate it. i talked to somebody yesterday
if you go over the fiscal cliff, it's the best thing for the economy. they think if you take your medicine and you take the punishment thousand. >> people on the left feel the same way because they'll at least get the high end back to 39.6. they want to reset everything to pre-bush tax cut and then try to leave it high. breaks to the lower people. so both sides are still this far apart. >> what i don't understand is not coming back to the table. i hope we hear something from the...
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Nov 27, 2012
11/12
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the ceos have cut the core capital spending orders, postponing them up after the fiscal cliff is resolved. consumers continuing to spend, responding to the fat that the unemployment rates come down, people who have jobs have somewhat less fear they'll lose their job. and spending has been okay on the consumer side. gr do you have two models for next year, one assuming we have a deal, one assuming we don't? >> really about 20 different ones because there are different kinds of deals. i think the most likely case is that we get a fix for the fiscal cliff maybe early january, maybe we go over the cliff for a couple days. and i think the political pressure then to fix it would be intense because of the amt shock. normally 4.5 million pay pay alternative minimum taxes. if we didn't fix this on the 2012 income, what's due in 2013 will be additional taxes of several thousand dollars by an extra 28 million households. 33 million instead of 4.5 million on 2012 taxes. if you're going to file your tax return in january and you expect a refind, if you're in the 75,000 to 300,000 income bracket, forge
the ceos have cut the core capital spending orders, postponing them up after the fiscal cliff is resolved. consumers continuing to spend, responding to the fat that the unemployment rates come down, people who have jobs have somewhat less fear they'll lose their job. and spending has been okay on the consumer side. gr do you have two models for next year, one assuming we have a deal, one assuming we don't? >> really about 20 different ones because there are different kinds of deals. i...
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Nov 12, 2012
11/12
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cliff you'll see an increase by 1% in the unemployment rate which means an increase of 100 basis points in health care costs he at aetna will have to lay off people. he's putting those plans in place. >> the numbers are sliding all over the place, becky. on the other hand if corporate managers look at what else is going on in the economy, the election is behind us, we've got very accommodative monetary policy, suddenly we have some level of certainty on the fiscal situation, you could suddenly see investment decisions being made and some of this $1.7 trillion on corporate balance sheets going into the economy. >> dan, can i just make sure that you're saying that this is something that happens if we go over the fiscal cliff and we come up with a better plan using the base lines, not necessarily if we go over the fiscal cliff and stick with those base lines? >> the base lines are the fiscal cliff. if we go with the base line it's not ideal but it's some level of certainty. i'm not advocating it. i think it's messy and no good for anybody. indiscriminate sfesratiequestra cuts in spending,
cliff you'll see an increase by 1% in the unemployment rate which means an increase of 100 basis points in health care costs he at aetna will have to lay off people. he's putting those plans in place. >> the numbers are sliding all over the place, becky. on the other hand if corporate managers look at what else is going on in the economy, the election is behind us, we've got very accommodative monetary policy, suddenly we have some level of certainty on the fiscal situation, you could...
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Aug 13, 2012
08/12
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. >> we're trying to put pressure on fixing the fiscal cliff and the president has chosen more class warfare, the politics of division and distraction. he has a terrible economic record. poverty rates at an all-time high, it's a record he can't run on so he's distracting the country in order to try to win this election and we want to call him out on it and say there's a better way forward. we have better ideas on health care, better ideas on taxes, on debt reduction, on growing the economy. >> let's get reaction from the democratic side of the aisle, congressman chris van hollen, an eloquent spokesman for that side of things, i worry about when he comes on, ranking member of the house budget committee, joins us from washington. you know congressman ryan pretty well, don't you, chris? >> i do. >> you probably like him, right in. >> i do like paul ryan, we get along very well personally and's a congenial guy and in the budget committee we've had very sharp debates but they've been civil debates, it's the kind of debate i hope we'll have in this country going forward. >> when i looked a
. >> we're trying to put pressure on fixing the fiscal cliff and the president has chosen more class warfare, the politics of division and distraction. he has a terrible economic record. poverty rates at an all-time high, it's a record he can't run on so he's distracting the country in order to try to win this election and we want to call him out on it and say there's a better way forward. we have better ideas on health care, better ideas on taxes, on debt reduction, on growing the...
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Dec 21, 2012
12/12
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the fiscal cliff looming closer. that attempt by john boehner to pass the so-called plan "b" tax bill has failed. the measure which could have kept current tax rates for those making less than $1 million a year failed to gain enough gop support to bring it to the floor. they're going to be leaving for the next several days. >>> general electric is buying the aviation business of italy's avio for $4.3 billion. ge is trying to expand its participation in the jet propulsion market. they were once owned by fiat and is now controlled by a european private equity firm and research in motion reported a smaller than expected also for its latest quarter. the stock is under pressure as the company saw its first-ever drop in its subscriber rolls and said it would be changing its fee structure. that is something that brings in more than a third of the nephew. it's been seen as the one real stable piece of that business. we do have the ceo thorsten heins. he'll be joining us in just about 30 minutes to talk more about this. >> th
the fiscal cliff looming closer. that attempt by john boehner to pass the so-called plan "b" tax bill has failed. the measure which could have kept current tax rates for those making less than $1 million a year failed to gain enough gop support to bring it to the floor. they're going to be leaving for the next several days. >>> general electric is buying the aviation business of italy's avio for $4.3 billion. ge is trying to expand its participation in the jet propulsion...
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Nov 19, 2012
11/12
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. >> that's not even a fiscal cliff issue. they're going up no matter what. >> but i actually think that that issue of the taxes and locking in lower rates right now is more reason for why the market went down than the cliff itself. >> why would the corporate managers just be pulling back? >> well, you actually outside of housing, that's happened even beforehand. i mean, with weak demand, gdp going up at 2%, they tonight see a lot of need for increased capacity at this time. i think a lot of that is the pulling back. until we see a stronger economy and stronger consumer growth, why increase capacity. not enough people will buy it. >> but you think this is happening in spite of the fiscal cliff, not because of it? >> i think a lot of it -- and we're still in a slow mode. i think we'll accelerate next year. i think we have the ingredients to do that. we're finally getting the housing on track which is so very important. >> so does the pull back represent -- is it attached to anything? are you buying right now? >> i would say yes
. >> that's not even a fiscal cliff issue. they're going up no matter what. >> but i actually think that that issue of the taxes and locking in lower rates right now is more reason for why the market went down than the cliff itself. >> why would the corporate managers just be pulling back? >> well, you actually outside of housing, that's happened even beforehand. i mean, with weak demand, gdp going up at 2%, they tonight see a lot of need for increased capacity at this...
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Dec 3, 2012
12/12
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what we need to do is to avoid the fiscal cliff, have a down payments of both spending reductions and effective tax rate increases geared towards the well off. all right? we need to defer most of the major spending reductions and tax rate increases until a date later than 2013. couple that with a deferral of the debt ceiling limit to the same date so that we can achieve a grand bargain in 2013, which will be budget control, comprehensive tax reform, social insurance reforms, those types of things. we have to be realistic about what can be achieved before the end of the year and we have to build to achieving a grand bargain in 2013. >> steve, last year, we know how close everyone got and we also know that the president commission has been involved in all those people to come to a fix for our long-term problems. now, they came up with 28% as a tax rate. they came up with three to one in terms of spending cuts. the president is nowhere near embracing that at this point. we're so far from that at this point that it seems like the opportunity was mittsed last year. >> right now, the presid
what we need to do is to avoid the fiscal cliff, have a down payments of both spending reductions and effective tax rate increases geared towards the well off. all right? we need to defer most of the major spending reductions and tax rate increases until a date later than 2013. couple that with a deferral of the debt ceiling limit to the same date so that we can achieve a grand bargain in 2013, which will be budget control, comprehensive tax reform, social insurance reforms, those types of...
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Dec 13, 2012
12/12
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"squawk" has dueling guest hosts to work out all the fiscal cliff issues that lawmakers can't. but what should the small investor do ahead of the new year? more "squawk box" next. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. look this isn't my first christmas. these deals all seem great at the time... but later... [ shirt ] merry christmas, everybody! not so much. ho ho ho! this isn't that kind of deal. [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >>> the fed makes history. chairman bernanke links interest rates to the unemployment rate, but does this mean investors should get in to stocks right now. >> time for dueling guest hosts. ♪ with offers going back and forth between capitol hill and the white house, we're going to try to solve the problems on our own set with
"squawk" has dueling guest hosts to work out all the fiscal cliff issues that lawmakers can't. but what should the small investor do ahead of the new year? more "squawk box" next. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours....
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Dec 14, 2012
12/12
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is this an extent of fiscal cliff? is this, you know, going to be something we're going to be in tune with, as energy prices have mod rated? i can't tell you that. but what i can tell you is right now inflation doesn't seem to be a huge concern outside of the core. back to you. >> okay. thanks, rick. for more on the numbers, mr. liesman has been sorting through -- >> i'm having the same trouble rick is having with the data. i don't know how he does it every day when i gets that data as it scrolls across. one interesting tidbit is that real earnings for private workers was actually up in november. up 0.5%. the consensus was 0.1%. and that followed 5.5%. these are inflation adjusted earnings. we get that with the cpi. overall, cpi remains tame i think as far as the federal reserve is concerned. you'll note that the federal reserve uses the ece which is a different indicator. rents are a smaller percentage in the pce so rents have gone up, as essentially the rental market has really taken off in the wake of the housing cr
is this an extent of fiscal cliff? is this, you know, going to be something we're going to be in tune with, as energy prices have mod rated? i can't tell you that. but what i can tell you is right now inflation doesn't seem to be a huge concern outside of the core. back to you. >> okay. thanks, rick. for more on the numbers, mr. liesman has been sorting through -- >> i'm having the same trouble rick is having with the data. i don't know how he does it every day when i gets that data...
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Nov 2, 2012
11/12
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i think there's a lot of uncertainty about what's going to happen with the fiscal cliff and i think the u.s. despite our modest growth rate is about the fastest growing country in the advanced world. i think there's a lot of question, do we actually need the extra capacity yet. so i think it's going to be still a little bumpy on that. >> we have to agree, given those investment numbers, it has to be, make you pessimistic about job growth because usually capex and job growth go hand in glove and that's not been the case. >> historically you're right -- it shall. >> it makes you pessimistic about future productivity as well. >> i can -- >> it's historically right but the last couple of months it hasn't, more than the last couple of months, over the last year, year and a half you've seen rebound of investment even though the job market wasn't improving that great and now i think you're starting to get a little of thely. side. >> can i ask anybody, the participation rate going up, what exactly does that mean and how do we read that? >> it means that the decline in the unemployment rate belo
i think there's a lot of uncertainty about what's going to happen with the fiscal cliff and i think the u.s. despite our modest growth rate is about the fastest growing country in the advanced world. i think there's a lot of question, do we actually need the extra capacity yet. so i think it's going to be still a little bumpy on that. >> we have to agree, given those investment numbers, it has to be, make you pessimistic about job growth because usually capex and job growth go hand in...
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Nov 15, 2012
11/12
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can you envision a deal being done on the fiscal cliff that does not have tax rates for the wealthy going to 39. 7? >> yes. >> really? >> the president did not end up where you ended up. he was asked directly is 39.6 your ending point and he was careful to say no i'm not shutting the door on that. it's very clearly his starting point and i would say more emphatically his starting point is the expiration of the upper income. so he believes correctly he ran on that, he won on that, and as he said yesterday even more people than voted for him support that, in the exit polls so that's where he starts. i don't know that's where he ends. >> wait a second you both said something very interesting. first of all the 39.6 is one question. the other is, is it going to affect people at $250,000, half a million dollars, a million dollars. >> i disagree with george on this point, i have a very hard time envisioning 250 becoming 500 or a million. we looked at that a little while ago. you saw schumer and pelosi kind of made some signals. i don't see it and george is right you lose a lot of revenue when yo
can you envision a deal being done on the fiscal cliff that does not have tax rates for the wealthy going to 39. 7? >> yes. >> really? >> the president did not end up where you ended up. he was asked directly is 39.6 your ending point and he was careful to say no i'm not shutting the door on that. it's very clearly his starting point and i would say more emphatically his starting point is the expiration of the upper income. so he believes correctly he ran on that, he won on...
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Aug 16, 2012
08/12
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we're heading on this fiscal cliff and the country's going bankrupt. but if you look at how the bond markets are valuing u.s. treasuries, none of that's true, because borrowing costs for the united states government are at a historically low rate which means a huge degree of confidence in the u.s. government. so how do we square people talking about how awful this administration is and yet putting their money into the very paper that's issued by the -- >> and ultimately not doing too padly. >> it's the great paradox of the vote. >>, kuz me? >> i think they're genuinely offended. >> they are. it's more about the rhetoric than the actual policy. >> the rhetoric is self-serving. i don't think there's a paradox there. the rhetoric adds up to, this is going to be a better case for me. the notion that it's paradoxical, not to the people that are saying it, makes total sense to them. i don't think they're insincere. from their own point of view they feel attacked. they want someone like romney to restore honor to their careers. >> what the president has done
we're heading on this fiscal cliff and the country's going bankrupt. but if you look at how the bond markets are valuing u.s. treasuries, none of that's true, because borrowing costs for the united states government are at a historically low rate which means a huge degree of confidence in the u.s. government. so how do we square people talking about how awful this administration is and yet putting their money into the very paper that's issued by the -- >> and ultimately not doing too...
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Dec 10, 2012
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in your view would it be better to go over the fiscal cliff than to get the back to the clinton rates on the high end? >> i think the best thing we don't go over the fiscal cliff. >> you do? you'd rather do some kind of deal? >> yes, i'd rather -- that's why we proposed from right after the election. everything we've heard from the other side has been silent until yesterday -- >> like we said, no way, unless we go to 39.6 on the top 2%. would you vote no to that and go over the cliff? >> look, he's not -- i'm not going to negotiate right here on the tv. i'd rather sit and negotiate with them. but the one thing i will tell you, what they're asking for is revenue. republicans have put revenue on the table. the president's own words a year ago in 2011 said he could get $1.2 without raising any taxes. and think for a moment, if you close loopholes you get a fairer process. for those who don't have lobbyists, or high-priced attorneys or accountants, they get a very fair system. and no longer are we making an investment based upon what the irs code is, it's based upon what the economics sho
in your view would it be better to go over the fiscal cliff than to get the back to the clinton rates on the high end? >> i think the best thing we don't go over the fiscal cliff. >> you do? you'd rather do some kind of deal? >> yes, i'd rather -- that's why we proposed from right after the election. everything we've heard from the other side has been silent until yesterday -- >> like we said, no way, unless we go to 39.6 on the top 2%. would you vote no to that and go...
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Sep 17, 2012
09/12
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. >> kevin wohrish was talking about on friday instead of planning next year or fiscal cliff we need some long-term stuff to get us back on track where industrials would be attractive and it's not qe3. >> cut the corporate tax rate, get on a sustainable path and the fed stops monetizing the debt, earliest that could happen is mid 2013. >> it may never happen again. >> i agree, qep. >> getting our fiscal house back in order, getting our policies back in order? november is coming. were you at the romney thing the other day in. >> i was. >> i saw you. >> mary grabbed me on the way out actually. >> if it doesn't happen this november, can it happen four years from now? >> it probably will absolutely happen four years from now. >> is there a point of no return? >> there is a very ugly economic outcome out there for us if we don't get this right, because i could see every time i've talked to mary about this, asks me about all the cash, tons of cash out there. my comment back is the earliest i could possibly see that getting put to work is in mid 2013, if we settle tax policy, if we get the
. >> kevin wohrish was talking about on friday instead of planning next year or fiscal cliff we need some long-term stuff to get us back on track where industrials would be attractive and it's not qe3. >> cut the corporate tax rate, get on a sustainable path and the fed stops monetizing the debt, earliest that could happen is mid 2013. >> it may never happen again. >> i agree, qep. >> getting our fiscal house back in order, getting our policies back in order?...
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Oct 1, 2012
10/12
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for all the talk about the fiscal cliff, ultimately what people in the economy are looking for is they're looking for some clarity on how we'll get back to a sustainable fiscal path. they want to know what their tax rates will be, what regulatory policy will be. so kicking the can is better than just falling over the cliff, i suppose, but at some point, we need to actually address this such. >> i hear you and i agree. steve, jeff, thank you both very much. >>> coming up, your money, your votes. strategists from both parties square off on on taxes, spending and much more. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. >>> he's a good debater. i'm just okay. but what i'm most concerned about is having a serious discussion. about what we needed it to do to keep the country growing. >> pam will be formidable.
for all the talk about the fiscal cliff, ultimately what people in the economy are looking for is they're looking for some clarity on how we'll get back to a sustainable fiscal path. they want to know what their tax rates will be, what regulatory policy will be. so kicking the can is better than just falling over the cliff, i suppose, but at some point, we need to actually address this such. >> i hear you and i agree. steve, jeff, thank you both very much. >>> coming up, your...
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Jun 5, 2012
06/12
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cliffs. it's. >> so that is happening. it's not just a hang overfrom 2008? >> will the election solve neg? >> wool see. we'll see what happens. it's very difficult to make significant capitalin vestments with the regulatory and tax uncertainty that businesses face. so, yes, that does result in less economic activity at the imaginin than we would have otherwise. >> so you're trying to run a-month-old through this, right? >> i am. >> so we're not going to read about you tomorrow, just checking it, right? >> no, no, no, . >> what would you buy today? would you buy some pfizer? >> this is a good conversation because the market has had a full 10% correction. it was overbought, it's no longer overbought, 12 or 13 times earnings. >> howard, i've gotten more out of doug holtz-eakin, who is an economist. he told me to get the hell out of facebook. you're the one that's supposed to be doing this thing. doug, should i buy anything? how about pfizer today in. >> i think buy clear high tech stocks in drug
cliffs. it's. >> so that is happening. it's not just a hang overfrom 2008? >> will the election solve neg? >> wool see. we'll see what happens. it's very difficult to make significant capitalin vestments with the regulatory and tax uncertainty that businesses face. so, yes, that does result in less economic activity at the imaginin than we would have otherwise. >> so you're trying to run a-month-old through this, right? >> i am. >> so we're not going to read...
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Jul 19, 2012
07/12
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. >> i think a fiscal cliff is what calls us, we have to go out five years with zero interest rates because we'd be in recession. >> we'd take the economy down, that's the opposite impact, unless the foreign buyers of our debts are going strong. >> they may never want to buy it. >> they're really on the hook. they're really there and they'll have massive losses in their current holdings if they don't continue to play the game. one of the ways josh, i know josh pretty well, i think one of the ways for investors to play this, europe, we've mentioned that philippe was up about 20% in his fund europe with 17 the other day. >> i love you're saying my returns because i don't think i'm allowed to say them. they said them for philippe so i'll say them and you don't have to confirm anything but you do a lot of that through the mortgage market, the residential mortgage-backed securities market and i think it's interesting for investors to understand the dynamics of why that's a safer way to play the market than buying the single family home, because there are certain assumptions embedded into your pr
. >> i think a fiscal cliff is what calls us, we have to go out five years with zero interest rates because we'd be in recession. >> we'd take the economy down, that's the opposite impact, unless the foreign buyers of our debts are going strong. >> they may never want to buy it. >> they're really on the hook. they're really there and they'll have massive losses in their current holdings if they don't continue to play the game. one of the ways josh, i know josh pretty...
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Jul 27, 2012
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the fed's not going to change the problems created by the fiscal cliff, and the lack of confidence that that is causing. >> let me stop you, though, because i think peter's analysis is based on the level that given the level of growth right here, at 1.5%, first quarter revised up to two it's hard for the fed to act with the numbers. >> it shows the u.s. economy is resilient. i've had a view, at 2% sometimes a little faster, sometimes a little slower. europe and asia is having a bad time but the u.s. economy is pretty resilient. >> let's talk about some of the numbers here. consumer spending as rick said, 1.5%, durables down 1%, non-durables up 1.5. business investment falling to 5.3%, joel, and then a big part of why we're hurting here, 1.4% decline in government purchases, of which 2.1% is the state and local government. what's going on in the economy, from those numbers, joel? >> well, there's a couple of things happening. obviously we had a surge in vehicle sales in the early part of the year. they slowed down a little bit. they seem to be doing, you know, reasonably well, and i woul
the fed's not going to change the problems created by the fiscal cliff, and the lack of confidence that that is causing. >> let me stop you, though, because i think peter's analysis is based on the level that given the level of growth right here, at 1.5%, first quarter revised up to two it's hard for the fed to act with the numbers. >> it shows the u.s. economy is resilient. i've had a view, at 2% sometimes a little faster, sometimes a little slower. europe and asia is having a bad...
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Jul 13, 2012
07/12
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when we face a fiscal cliff, bernanke can talk about all he wants we need additional fiscal stimulus. that's not going to happen. you have to start thinking about policy accommodations sooner rather than later. >> would it actually work? law the diminishing returns, right, brian? >> absolutely right. >> mandy, nobody cares if it works. it's a head game. it's a head game. it's totally a head game with the equity markets. >> rick is absolutely right. essentially what you want to do with quantitative easing drive treasury rates below the rate of inflation. what that's supposed to do for racing taking improve the equity prices and they're supposed to help balance shields and pensions. there are diminishing returns to what you can expect the results of another bond buying program to have. >> okay, we're going to leave it there, guys. appreciate it very much, rick santelli, brian levitt. >> thank you. >>> coming up, doing business a lot of places. i can't wait to talk to this gentleman, chief operating officer of las vegas sands, joining to us talk about the hotels and the gaming industry.
when we face a fiscal cliff, bernanke can talk about all he wants we need additional fiscal stimulus. that's not going to happen. you have to start thinking about policy accommodations sooner rather than later. >> would it actually work? law the diminishing returns, right, brian? >> absolutely right. >> mandy, nobody cares if it works. it's a head game. it's a head game. it's totally a head game with the equity markets. >> rick is absolutely right. essentially what you...
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Oct 5, 2012
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cliff and i think if you look more broadly at businesses right now, you're certainly seeing a contraction in investment, and a hit to confidence. you see it in capex and durable goods orders. the request he is how that ends up translating to labor if business also cut back on labor as much as they cut back on capital and we think we won't see an outright contraction in jobs but certainly see some slow job growth. >> john, you're nodding your head. you agree with what michelle was just saying? >> kcapex and things like that don't look good. >> the shortfall in jobs is the hiring. if you look at -- >> hiring slowed down. >> it's not layoffs, it's the hiring. if you look at the hiring rates across industry, first thing that comes that's obvious is across all industries so that would be consistent with michelle's view the uncertainty that's pervading across the economy but the other thing you notice is a lot of it is construction, housing, and so when that comes back. >> there's a lag between investment and housing, and actual construction jobs so housing investment and construction is termed
cliff and i think if you look more broadly at businesses right now, you're certainly seeing a contraction in investment, and a hit to confidence. you see it in capex and durable goods orders. the request he is how that ends up translating to labor if business also cut back on labor as much as they cut back on capital and we think we won't see an outright contraction in jobs but certainly see some slow job growth. >> john, you're nodding your head. you agree with what michelle was just...
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. >> the fiscal cliff. >> we'll deal with the fiscal cliff and get to tax reform, broaden the base and lower the rates and guess what, joe, andrew, there are a lot of democrats who agree with us, just not the one in the white house so we'll have democrats voting with us here in the house and if they ever have the vote in the senate on extending all of the tax cuts for a year so we get the tax reform. >> why obama care? >> we'll get democrats on obama care as well. we believe we need to show the country that we don't think, that the last arbiter of this is not the supreme court, it's the american people through their elected representatives, and so if you give us more elected representatives to fix this problem, we will fix this problem in 2013, meaning a senate, a house and a president and we'll replace obama care which we think is a job killer, it will increase health care costs, blow a hole in the deficit. we think we can replace it with consumer directed patient-centered health care at the root cause of inflation which helps us with job creation, helps us with quality health insuran
. >> the fiscal cliff. >> we'll deal with the fiscal cliff and get to tax reform, broaden the base and lower the rates and guess what, joe, andrew, there are a lot of democrats who agree with us, just not the one in the white house so we'll have democrats voting with us here in the house and if they ever have the vote in the senate on extending all of the tax cuts for a year so we get the tax reform. >> why obama care? >> we'll get democrats on obama care as well. we...
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congress get your act together, do something about the fiscal cliff. let's not give this wobbly bicycle in our economy another knock. >> we'll find out more about this in 2 1/2 hours when we get the headlines from the speech and some of the text. thank you for joining us and we'll talk to you again soon. >> my pleasure. >> coming up the gloves coming off. mitt romney accepted his party's nomination and the democrats plan to convene their convention. platform from charle. tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550 6 months commission-free online equity trading tdd#: 1-800-345-2550 with a $50,000 deposit. tdd#: 1-800-345-2550 ca
congress get your act together, do something about the fiscal cliff. let's not give this wobbly bicycle in our economy another knock. >> we'll find out more about this in 2 1/2 hours when we get the headlines from the speech and some of the text. thank you for joining us and we'll talk to you again soon. >> my pleasure. >> coming up the gloves coming off. mitt romney accepted his party's nomination and the democrats plan to convene their convention. platform from charle. tdd#:...
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we created this fiscal cliff. that's absurd. that's what the government does. get government off our backs and this economy could take off. >> senator, thank you. we'll see. >> the packers. >> still? >> absolutely. >> -- through washington. >> that's what i'm saying. i was rooting for the redskins last night. that was a fun game to watch. >> becky, did you notice, where did we get -- took us that long to find a song called rise above? did you hear that song. >> we did hear that at the beginning. i was talking about spider-man, they sing it through spider-man on broadway. that was a different version. >> can we commission that song? or did that exist in senate? >> it's actually me singing the backup. no! >> i wondered because it sounded like sorkin was the reggae thing. weren't you just in jamaica? >> i was in jamaica. we recorded that while we were down there. >> this is where we come together. we're not allowed to play any beatles stuff. >> we're not? >> no. ixnay on the beatles. >> now i have the kangaroo song stuck in my head. >> why did i think of that? but
we created this fiscal cliff. that's absurd. that's what the government does. get government off our backs and this economy could take off. >> senator, thank you. we'll see. >> the packers. >> still? >> absolutely. >> -- through washington. >> that's what i'm saying. i was rooting for the redskins last night. that was a fun game to watch. >> becky, did you notice, where did we get -- took us that long to find a song called rise above? did you hear that...
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there's a lot of talk that they are moving closer to some sort of an agreement over the fiscal cliff. now you also have this plan b that boehner has come up with. this is going to be something where in his idea they would raise -- they would keep tax rates low, keep the same tax rates on anybody who's making a million dollars or less. >> the rest -- >> the plan in the senate is for $250,000 and below. the president has talked about $400,000 and below. but this plan b is interesting because it does keep the sequestration cuts in place. >> we've got to deal with -- >> the $1.2 trillion in cuts, more than the president is offering. this is something that harry reid said will not pass the senate. obviously this is a lot of the political maneuvering that takes play ahead of time as they continue negotiations. >> huey lewis had an album and song called "plan b." i think whenever we saw "plan b" that we should play. it it was called "plan b." is it ready yet? i don't think -- we'll get it. >> i took the kids to see "spiderman" on broadway. "rise above" is the theme song. did you remember tha
there's a lot of talk that they are moving closer to some sort of an agreement over the fiscal cliff. now you also have this plan b that boehner has come up with. this is going to be something where in his idea they would raise -- they would keep tax rates low, keep the same tax rates on anybody who's making a million dollars or less. >> the rest -- >> the plan in the senate is for $250,000 and below. the president has talked about $400,000 and below. but this plan b is interesting...
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>> well, the roundtable has begun the work of trying to develop positions on fiscal cliff related issues and for example on corporate tax reform, they've said, look, we'd like to have rates lowered in a pro-growth direction and we recognize as part of that, that we're going to have to give up some exemptions, credits and deductions. individual members are going to have different views of individual items but directionally, they're saying look, we recognize as a group, as a country, we're going to have to have >> you know, governor, if you had to lay odds on this, as we're looking at this on the fiscal cliff. what do you think the odds are that we get a solution or go over the fiscal cliff. i guess you could look at goinging over the fiscal cliff, one that we go over in a few days and one that we really go over it. >> i think the odds of getting this solved are high. the question is when, becky. when you think about when does change occur? it usually occurs in one of three circumstances. one is consensus, two is crisis, and three is particularly gifted leadership. or a combination of the
>> well, the roundtable has begun the work of trying to develop positions on fiscal cliff related issues and for example on corporate tax reform, they've said, look, we'd like to have rates lowered in a pro-growth direction and we recognize as part of that, that we're going to have to give up some exemptions, credits and deductions. individual members are going to have different views of individual items but directionally, they're saying look, we recognize as a group, as a country, we're...
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we talk about this fiscal cliff and rising above all the time. but how important ultimately is all of this to where we are right this second? >> well, i think that it's important for us to take a look at the fiscal cliff in its context of this year and also next year. it's not necessarily how much of the fiscal cliff expires, it's the incremental drag to gdp. this year we've got about a 1% fiscal drag. next year we're looking at a 1.5% fiscal drag. it's the incremental gdp that really matters to the economy. >> the bigger question for us is we think there will be a compromise going into january, maybe on december 31st given what washington is doing. the bigger question is what are we doing long-term to support growth? that is the question. if you're going to raise revenue, are you going to do things to support economic long-term growth to go with it? inevitably, you have to reform entitlements. the question is how. so for us, there's only so much we think will impact in 2013. it's beyond 2013 is the big question. >> in this handicap, is this just
we talk about this fiscal cliff and rising above all the time. but how important ultimately is all of this to where we are right this second? >> well, i think that it's important for us to take a look at the fiscal cliff in its context of this year and also next year. it's not necessarily how much of the fiscal cliff expires, it's the incremental drag to gdp. this year we've got about a 1% fiscal drag. next year we're looking at a 1.5% fiscal drag. it's the incremental gdp that really...
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that's the fiscal cliff. >> it would hurt the economy. you got to phase it in. >> jared, do you really want to be making the case that in any way pining for the bush years is, you think that you're smoking something when we've had 41 months above 8%, that's the longest in history. if you had to run on that record, you go back to bush and rub bush all over you versus 41 -- 41 months before 8%. never happened before except in greece. >> you're going hate this joe. those 41 months you're complaining about are directly related to the bush years. >> 4 million jobs created under obama. right at that 28 month level. you guys have a tough sell. >> that's fair. i just say look, the clinton tax structure was a favorable one for growth and for budgets and let's not forget that. >> yeah. we're pining for clinton years to. i'll give you bush or clinton. thanks tony and jared. okay. >> when we return we have an interesting debate politics of private equity, high stakes debate at the heart of the presidential election when "squawk box" returns. in its c
that's the fiscal cliff. >> it would hurt the economy. you got to phase it in. >> jared, do you really want to be making the case that in any way pining for the bush years is, you think that you're smoking something when we've had 41 months above 8%, that's the longest in history. if you had to run on that record, you go back to bush and rub bush all over you versus 41 -- 41 months before 8%. never happened before except in greece. >> you're going hate this joe. those 41...
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we'll talk about the politics of interest rates and the implications for the fiscal cliff. >>> plus we are pulling out all the stops for breakfast this morning, famed chef daniel baloud is in the house, his executive chef olivier kenyon is whipping up famous award winning recipes. >> awesome. >>> coming up, personal income numbers and spending for june. is [ male announcer ] when she takes the starting block this summer, she's not just natalie coughlin. she's every 5-year-old who ever jumped in a pool and didn't want to get out. ♪ every coach, every rival who ever pushed her. she's the tip of a spear that goes all the way back to the beginning. it's amazing how far you can go with a little help along the way. td ameritrade. proud sponsor of the 2012 u.s. olympic team. >>> welcome back to "squawk box." june personal income up 0.5%. spending, gooseegg, unchanged. if we look at last month's, up 0.3, originally released 0.2% and down 0.1 on spending unchanged as well. i don't mind this dynamic. income moving higher, spending a bit flat. maybe there's a little saving going on. but i'll te
we'll talk about the politics of interest rates and the implications for the fiscal cliff. >>> plus we are pulling out all the stops for breakfast this morning, famed chef daniel baloud is in the house, his executive chef olivier kenyon is whipping up famous award winning recipes. >> awesome. >>> coming up, personal income numbers and spending for june. is [ male announcer ] when she takes the starting block this summer, she's not just natalie coughlin. she's every...